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Strategic Financial Planning for Your Business

Are you taking a strategic approach with the financial plan for your company? Sometimes business owners’ make the mistake of focusing only on the short-term financial outlook for their company. If you want to experience long-term success, then you need to be sure that you have a strategic plan in place.

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Proactive Financial Planning

One reason that business owners are sometimes short-sighted about their financial plan is that they are in “fire control” mode, trying to keep up with the urgent tasks. The only thing that they can think about is the current situation and the bills that are due right away… or bills that might even be overdue at this point.

While it is important to take care of these immediate needs, it is even more important to make sure that a solid plan is in place for the future. Without the right plan, you will find yourself in a situation where you have a hard time getting ahead of the curve. It might even feel like you will never get ahead because you can’t see a way out of the mess.

Take some time to look at the current needs and your financial goals, and find a way that you can adjust your strategy to prepare for the future. You might be able to identify non-essential costs that can be cut to save money and also look for ways to boost revenue so that you can improve cash flow.

Call an Accountant to Help

If you are ready to take a proactive approach to your financial business plan, then you need to be sure that you have a financial expert available to help. Accounting services can be beneficial to relieve some of your stress. An accountant will focus on these essential financial tasks so that you can spend your time working on other important tasks within the company.

Additionally, an accountant will have the experience to know how the situation should be handled. They have helped other small businesses dig out of similar messes, so they know the strategies that can be used to help you move forward and plan for the future. This advice can be invaluable to help you set up your business for the long-term success that you desire.

Are you interested in learning more about how your company will benefit from small business accounting services? Contact us at Easier Accounting for more information about the many services that are available for your company: (888) 620-0770

Mid-Year Financial Analysis: How are You Doing So Far?

It’s hard to believe that the year is already half-way over! How has your business been doing this year? Right now is a great time to assess the progress of your company and make adjustments if needed to finish the year in a stronger financial position.

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Progress Can Help You Improve

If you aren’t tracking your results, then you won’t have any information about the progress that has been made over the year. These reports can give insight into profitability, momentum, cash flow, and more. By tracking the financial results and sales numbers within your company, you will know exactly where the business stands. Additionally, you will be in a better position to make accurate decisions based on the current health of your company.

Every business owner wants to improve the results that they are achieving, and the only way to get better results is to know where you are starting from. Keep track of the numbers over the years so that you can ensure that your company is moving in the right direction.

Changing the Focus Mid-Year

When you analyze the mid-year results, what are you going to discover? It might be good news that you are on track with growth for the year. Or, you might find that your company is growing more than you had anticipated. The third outcome is that your growth has slowed, and you are behind the projections for the year.

Regardless of the outcome of the information, this point is an opportunity for you to make adjustments and changes if they are needed. If you are experiencing higher growth than what you originally anticipated, then it is essential to be sure that the cash flow will be available to support the extra inventory that will be required.

On the other hand, slower growth might change the decisions that you are making. It is essential that you look towards the future to put together the plan that will be best suited for your company.

If you don’t have experience with accounting or financial management, then there are many advantages to hiring an accountant to assist with the reporting and financial analysis. At Easier Accounting, we have the financial experience that you are searching for. Our team will gladly help with your accounting and bookkeeping needs throughout the year. We are happy to include a mid-year financial analysis in your accounting services. Contact us today to learn about all of the services that are offered: (888) 620-0770

What Type of Accountant do you need for Your Small Business?

Starting a small business can be hard, especially if you are a first-time business owner. As you are getting started, it is essential that you consider the professional services that can make the process easier. Since you don’t have experience with finances or accounting, you will see that there are many benefits to hiring a professional accountant to help.

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Accounting Experience Matters

Instead of hiring the first accountant that comes your way, take a moment to consider the types of services that you will need. Identifying the services for your company will make it easier for you to find an accountant with the right skill set to match.

For example, a new graduate without experience working for an accounting firm might not be the best choice if you want to be aggressive with your tax strategies. Instead, it is better to hire someone who has been in the industry for a while, so that they can use their experience to help you get the best outcome for your company.

Another reason that experience matters is that of the small nuances in tax law. An accountant with experience in the small business industry will have more related knowledge than an accountant who previously worked for a large corporation. Experience matters, so it is best to find someone who knows how to help in the right way.

Bookkeeper vs. Accountant

Do you need an accountant, or would bookkeeping services be enough? It is common for a small business owner to hire a bookkeeper, only to find that they were in need of full accounting services. There are many advantages to hiring an outsourcing company that can handle both the bookkeeping and the accounting services, such as tax preparation and filing.

By keeping these services with the same outsourcer, there will be more consistency for the year. The bookkeeping maintenance during the year can help you be better prepared for tax time. You will see that there are fewer surprises with your tax filing when you have someone who is helping throughout the year.

Here at Easier Accounting, we can help with all of the financial needs of your company. We know how to help you maximize cash flow and prepare for the future, and we invite you to contact us right away. Together, we will find the best plan to provide the services that will be best for your company. Call us today for more information: (888) 620-0770

How to Be a Better Business Owner

As a business owner, you have a lot of responsibilities on your shoulders to help the company grow. Are you prepared for the future? Are you making the right decisions that are in the best interest of the company? Don’t let yourself feel the weight of some of these decisions, because there are situations when it makes sense to involve other professionals in the decision-making process.

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Common Mistake of Business Owners

If you are looking for ways to be a better business owner, then you need to consider the benefits of hiring professional contractors to help. One of the biggest mistakes by business owners is that they try to handle responsibility on their own without utilizing the help of a professional team. It is common for start-ups and small business owners to wear multiple hats throughout the day. They are trying to juggle the various tasks that are required to keep the business moving forward.

But, you don’t have to do it all on your own! In fact, it is possible that you might be hindering the growth of your company because you aren’t choosing to hire the right team to help.

How an Accounting Service will Help Your Company

When you are making important financial decisions, it is essential that you have a clear picture of the current and future financial health of the company. But, accounting mistakes can mess up the reporting and change the outlook, resulting in a situation where you are making decisions based on false information.

Most business owners don’t have professional accounting skills. They might try to handle the accounting tasks on their own, but it is likely that mistakes are made along the way. Instead of filling your day with boring accounting and bookkeeping tasks, it is better for you to focus on the other aspects of business management and let the professionals handle the finances for you.

The right team of accounting professionals will make it easier for you to manage the company in the best way. You don’t have to spend your time on bookkeeping and filing. Also, you will always have current financial information to help you make the right decisions for your company.

If you are ready to help your business grow, then right now is a great time to learn more about the accounting and bookkeeping services that are offered. For more information, call us at Easier Accounting! We specialize in accounting services for small businesses, and we are here to help: (888) 620-0770

Accounting and Bookkeeping Services for Home Based Businesses

If you run a home based business, then it is likely that you are wearing many hats throughout the day: manager, customer service representative, bookkeeper, and more. It takes a lot of work to get a start-up off the ground, and many people are looking for ways to cut costs and maximize financial accounts.

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Even though you are trying to minimize costs, there are some benefits to hiring outsourcing services for certain tasks. As a business owner, you need to make sure that you are focusing on your strengths instead of wasting your time on tasks that can be easily outsourced.

Benefits of an Accountant

Most small business owners don’t have experience in accounting or bookkeeping. As a result, these types of tasks take quite a bit of time and cause a lot of frustration throughout the week. Additionally, it is common for small business owners to make mistakes with their financial records, simply because they don’t have the knowledge or experience to know how to manage the books.

Instead of feeling stressed over the financial records, it is much better to have an accountant handle these tasks. You can focus on other responsibilities within your company and pay a small fee for the services of a bookkeeper or accountant.

The experience of an accountant can be very beneficial to help your small business grow. An accountant will offer suggestions to maximize cash flow and minimize expenses. As a result, the profitability of the company can be maximized.

Leveraging Home Based Business Write-Offs

When you are running your small business from home, there are certain write-offs that can be used to minimize tax burden. If you want to leverage the maximum amount of write-offs, then you need to be sure that you are working with an experienced accountant for tax preparation each year.

An accountant can assist with annual tax filings, as well as quarterly tax payments, employee taxes, and more. These services can be catered to match the needs of your company. Your accountant can help you put together the best plans to help your business succeed.

Are you ready to learn more about how these accounting services can be beneficial for your business? Call our experienced team at Easier Accounting for more information! We offer accounting services to small businesses, and we know what works best for home based businesses. Contact us by calling: (888) 620-0770

Avoid These Common Financial Mistakes Made By Small Business Owners

Starting a small business is exciting and stressful at the same time, and some people compare it to a roller coaster ride. When you start a new venture you can expect to experience some great opportunities, but there are some common mistakes that might pop up along the way as well.

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Since the stakes are high, it is essential that you are careful to avoid these common mistakes so that you can create long-term growth for your company. Here are the 3 biggest mistakes that you can avoid:

Classifying Employees Incorrectly

Do you know the difference between an employee and a contractor? It is essential that you talk with an accountant to understand these differences, because the classification impacts the way the payments are handled. If you classify an employee incorrectly as a contractor, then it is possible that you might have to pay back wages and penalties.

Lack of Automation

Are you still trying to do everything by hand, because you don’t have a good financial system in place? It might not seem like a big deal to track payroll, invoices, and other financial information in a spreadsheet. But, these activities are eating away at your productive time each day. Instead of trying to track everything by hand, it is better to implement a good financial system from the beginning. It’s much easier to use automated systems right now, rather than wasting time with manual tracking and then trying to transition everything to an automated system later on.

Cash Flow Problems

It is common for a small business to be over-extended, making it hard to come up with the cash flow that is needed to keep the business running. If you aren’t staying up-to-date with finances, invoices, and bank account balances, then you might find yourself in a world of hurt when you need cash to restock inventory or pay your employees. Instead of making knee-jerk reactions every time you need to make a financial decision, it is better to stay current with your financial tracking systems so that you always have current financial information about your company.

The easiest way to stay current with your small business finances is to hire a professional to help. In fact, many business owners find that hiring an accountant or bookkeeper to assist with financial tracking is a way to decrease costs and boost the success of the business. Here at Easier Accounting, we offer the accounting and bookkeeping services that you need. Call us to learn more: (888) 620-0770

Hiring Independent Contractors? Don’t Forget These Important Steps

It is easy to see why business owners frequently hire independent contractors instead of hiring an employee, because a contractor can be beneficial to reduce costs and provide a temporary relationship when the skills are needed. You can pay for specific projects and tasks, instead of having the hassle of bringing on a full time employee.

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If you are hiring independent contractors to help with your business, then there are a few things that you need to keep in mind. These important steps will ensure that you are following the laws and staying compliant with your workforce:

Ask for a Signed W9

You need to be sure that the person can work in the United States, so you should ask for a copy of their W9. This form will verify that they are a US citizen or resident, and you will have the peace of mind to know that you aren’t hiring an illegal. This form will provide the tax information needed that will be used when filling out the 1099 at the end of the year.

Submit a 1099

At the end of the year, you need to send a 1099-MISC form to any contractor who earned more than $600 during the calendar year. This form needs to be provided to the contractor, and you also need to send a copy of the form to the IRS. It is essential that the contractor receives their copy by January 31st, or the next Monday if the 31st happens to be on a weekend. The IRS copy needs to be sent by the last day in February.

Maintain Good Records

Make sure that you keep up with records throughout the year, so that you have information about the work that was performed and how much was paid to each contractor. For example, keep copies of the invoices that were provided, as well as information about the payments that are sent. The easiest way to handle these details is by hiring a small business bookkeeper to help with ongoing accounting and record keeping.

Have a Signed Agreement

Before the contractor starts working on the project, it is best to have a signed contract in place. This contract will keep you protected, and it ensures that all parties are on the same page with the work that will be delivered.

Do you need help with the financial side of running a business? We are here to help! We offer a number of bookkeeping services and other accounting services, and we invite you to contact us anytime to learn more about how your business will benefit: (888) 620-0770

How to Streamline Your Business Finances

Do you look at your business finances and feel overwhelmed at the mess and the lack of organization? Without the proper financial system, it is likely that you are spending too much time trying to sort through the financial details of your company. Here are a few tips to help you streamline your business finances and put a few systems in place to reduce your stress:

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Automate If Possible

Are there tasks that you are managing by hand, which can be automated with the right software? It is possible to save hours of time when you implement the right system that will automate busy work. The foundation to automation is to choose the right financial software that incorporates the functions that you need.

Cut Out the Paper

Papers pile up fast, and the filing can turn into a nightmare if you don’t stay consistent with everything. Instead of juggling piles of paper on your desk, look for options to go paperless. There are numerous benefits to paperless financial tracking, such as increasing productivity, reducing busy work in the office, and protecting the environment. With the right bookkeeping software, you can manage all of your receipts, invoices, contracts and other documents in a digital format.

Hire a Bookkeeper and Accountant

Professional help can go a long way to make it easier to manage your business finances. Consider hiring a small business bookkeeper to maintain the ongoing financial transactions and tracking details. Another option is to hire an accountant to assist with the tax filings and other financial tasks. Having a trusted team by your side can make a big difference in the success of your business! When you have a good grasp on the financial health of your company, you will be able to make the right decisions to protect the financial interests of the business.

Here at Easier Accounting, we specialize in all types of online bookkeeping and accounting services. Instead of hiring an internal employee to help with these tasks, it is much easier and cheaper for you to outsource the bookkeeping and accounting work instead.

For more information about the services that are available, contact our experienced team any time. We will gladly answer your questions and help you choose the right accounting and bookkeeping services that are needed for your business. We are experts in the industry and we would love to help with your financial needs. Contact us today for more details about how you will benefit from these services: (888) 620-0770

3 Ways Bookkeeping Services Save You Both Time and Money

As a business owner, you should always been looking for ways that you can improve systems, increase profit, and reduce spending. One of the options that should be considered is to hire a bookkeeper, because these bookkeeping services can help you to save both time and money. Here are some of the benefits you will enjoy:

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Stay Up-to-Date on Business Spending

It can take a lot of time and effort to catch up on neglected financial reports. Do you find that it is hard to stay current with business transactions? There are quite a few small businesses with financial records that are a mess, because the business owner is too busy with other aspects of managing the company and doesn’t have time to deal with the monthly accounting.

Instead of procrastinating and letting everything pile up, it’s better to stay consistent with tracking financial information on a weekly and monthly basis. If you don’t have time to keep up with these tasks, then you should definitely consider the benefits of hiring a bookkeeper to help.

Keep Track of Business Write-Offs

When tax time rolls around every year, you need to have good documentation of expenses that fall within the category of write-offs for the business. A bookkeeper can help you keep track of these expenses, so you have information ready to hand over to your tax preparer.

Bookkeeping services don’t typically include tax preparation, but here at Easier Accounting we offer a wide range of financial services, including tax preparation. Instead of working with two different companies for bookkeeping and tax preparation services, you can simplify the financial process by working with us.

Outsource Payroll

Payroll can be an expense that really adds up, especially if you are paying the salary of an internal employee to handle payroll processing. Have you taken a look at the real cost of internal payroll management? By outsourcing payroll, you can save money and free up the time of your employee to help with other tasks within the company instead.

There are many streamlined systems that can be implemented to make it easy for you to outsource payroll. These systems can be catered to the individual needs of your company, giving you the ease of letting a professional service handle it for you.

Are you interested in learning more about accounting and bookkeeping services? Contact our team at Easier Accounting, and we will gladly help with anything that you need: (888) 620-0770